Settlement of futures and options in March 2013
On March 14, 2013 futures and options contracts will be settled through the unified settlement technology implemented on the Derivatives market FORTS and market sector Standard.
Settlement schedule is the following:
| 14 March |
The last trading day for single stock futures and options on single stock futures. В вечернем клиринге (18:45 -19.10 МСК) исполняются опционы на фьючерсы на акции при наличии заявки на исполнение (за исключением случаев, когда опцион в деньгах больше чем на лимит, в этом случае предусмотрено автоматическое исполнение опционов). During the evening clearing session (6:45 -7:00 pm MSK), options on single stock futures are settled provided that an exercise order is available (besides in-the-money options exceeding a limit which are settled automatically). During the evening clearing session, single stock futures are settled by executing relevant trades with settlement on 21 March on the Standard sector. The additional evening session starts at 7:10 pm MSK. |
| 15 March |
The last trading day for futures on Exchange"s Indices (RTS Index, RTS Standard Index, Sectoral Indices and MICEX Index) and options on the RTS Index futures and MICEX Index futures. From 3:00 pm MSK to 4:00 pm MSK settlement prices for the index futures are determined based on the average value of the relevant index over this period. During the evening clearing session options on the RTS Index futures and MICEX Index futures are settled (in-the-money options are exercised automatically). During the evening clearing session futures contracts on indices are settled. The additional evening session starts at 7:10 pm MSK. |
| 21 March | At 5:00 pm MSK delivery for trades executed on market sector Standard on 14 March in order to settle single stock futures takes place. |
Single stock futures will be settled by executing trades with settlement on T+5 (after the clearing session the new trading day begins, and the trade"s settlement day is automatically changed to Т+4) at the futures" Settlement price. Trading in those instruments with settlement on T+4 will take place on Standard Sector anonymously, which will give the opportunity to manage trading positions gained after the single stock futures are settled during the trading day on March 15.
As a result, market participants obtaining share after the futures settlement will have an opportunity influence the strike prices of futures on Indices, due to the fact that prices of shares traded on the Standard sector are included in the RTS Index, RTS Standard Index and sectoral indices.
For further information, please contact the Public Relations Department at (495) 363-3232.